NBS Says Inflation in Nigeria Hit 20.77% in September 2022

By Aduragbemi Omiyale

In September 2022, inflation in Nigeria increased by 20.77 per cent from 20.52 per cent in August 2022 and 16.63 per cent in September 2021.

In a report released on Monday, the National Bureau of Statistics (NBS) said the jump in the consumer price index (CPI) was triggered by an increase in food inflation due to higher prices paid by Nigerians to purchase bread and cereals, potatoes, yam, oil, and fat.

It was stated that the food inflation rate in September 2022 was 23.34 per cent compared with the 19.57 per cent recorded in September 2021 and 23.12 per cent in August 2022.

It is believed that inflation will continue to remain high this year as a result of the flood in some states, which has destroyed crops and farmlands.

In the report released today, the NBS said the percentage change in the average CPI for the 12-month period ending September 2022 over the average of the CPI for the previous 12-month period was 17.43 per cent, showing a 0.60% increase compared with the 16.83 per cent recorded in September 2021.

It was observed that urban inflation, on a year-on-year basis, stood at 21.25 per cent last month compared with 17.19 per cent in the same period of last year.

On a month-on-month basis, the urban inflation rate was 1.46 per cent in September 2022, lower than the 1.76 per cent reported in August 2022. The corresponding 12-month average for the urban inflation rate was 17.94 per cent, higher than the 17.41 per cent in September 2021.

As for the rural inflation rate, it was 20.32 per cent in September 2022 compared with 16.08 per cent in September 2021. On a month-on-month basis, it stood at 1.27 per cent, lower than 1.75 per cent a month earlier and for the 12-month average, the rate was 16.94 per cent in contrast to 16.26 per cent a year earlier.

The stats office said all items inflation rate on a year-on-year basis was highest in Kogi State at 23.82 per cent, Rivers State at 23.49 per cent, Benue State at 22.78 per cent, while Abuja at 17.87 per cent, Borno at 18.12 per cent, and Adamawa at 18.42 per cent recorded the slowest rise in headline year-on-year inflation.

On a month-on-month basis, however, September 2022 recorded the highest increases in Jigawa at 2.58 per cent, Yobe at 2.22 per cent, Benue at 2.05 per cent, while Abuja at -0.72 per cent, Sokoto at -0.19 per cent and Adamawa at 0.25 per cent recorded the slowest rise on month-on-month inflation.

In September 2022, food inflation on a year-on-year basis was highest in Kwara at 33.09 per cent, Kogi at 28.46 per cent, and Ebonyi at 27.41 per cent, while Kaduna at 18.84 per cent, Jigawa at 19.20 per cent and Sokoto at 19.44 per cent recorded the slowest rise on year-on-year food inflation.

On a month-on-month basis, however, September 2022 food inflation was highest in Enugu at 2.61 per cent, Ogun at 2.50 per cent, and Oyo at 2.43 per cent, while Sokoto at -0.88 per cent, Ondo at 0.38 per cent and Niger at 0.62 per cent recorded the slowest rise on month-on-month inflation.